Breed: Thoroughbred
Locations: Kentucky, Ohio, Indiana
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Share prices are $100 each. We currently have 3 horses racing in Kentucky.
In Operation Since:
2006
Managing partner:
Barry Miller, Retired City Worker, Worked at Turfway Park for 22 years on the grandstand side of things. Started partnership for the "little people" of racing.
Additional Key players:
We currently have 2 trainers in Ky. Ryan Walsh and Joe Laugherty.
What kinds of horses do you target, for what kinds of races? What are the main goals of your partnerships?
Our goal is to build this partnership from the bottom up. We currently have 3 horses in training. One runs for $15,000 and the other 2 run in the $5,000 range. This partnership is for the little guy. Our share price is $100 each and we are currently selling shares to enable us to purchase another horse.
How is the managing partner compensated?
Managing partner received 2 additional shares when we started. Also the Managing partner obtains the license for the partnership. No other compensation is given.
Who authorizes the various expenditures and how are the partners notified and billed?
The managing partner decides on what to spend on expenditures. When purchasing the horses the trainers have the final word due to our agreement of no monthly bills. They only get paid when the horses are winning.
When income is recognized from purse money or sales, does this income flow directly to investors or is it maintained in an account to cover future expenses? At what point does the partnership settle up (monthly, quarterly or annually)? Is each partner provided a statement reflecting cash receipts and disbursements? How often?
We put all of our income into our partnership account. Our goal is to make enough money for the limited expenses we have and then reinvest the funds for the purchase of more horses. We do take a vote once per year to decide to dispurse the excess funds. Every vote taken so far has been to reinvest the money to purchase more horses.
Are racing and sales decisions made solely at the discretion of the managing partner?
Managing Partner and the trainers both have to agree. The managing partner does contact the partners through email about any pending decision, but the ultimate decision is up to the managing partner and the trainer.
How do you keep your partners updated about their horses (Email, phone, website, online message board, etc.) and how often are they updated?
Weekly emails and updates on the website. The website is updated daily. We even have a blog.
What sort of services and perks do you offer your partners? Stable Visits? Farm Visits? Help handling the licensing? Anything special you want to mention?
Stable visits in the morning, join the horse in the paddock before the race and of course pictures in the winner's circle. We also try to have an annual get-together at Turfway Park's fall meet.
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